Federal Reserve Statement: Still Planning on Creating $1.75 Trillion to Manipulate Bond Market

The Federal Open Market Committee released that, as previous announced, the Federal Reserve System will buy $1.75 trillion in MBS, agency debt and treasuries.

Let's just put that in perspective. Last year's total Federal tax revenue was just under $3 trillion. Now, with the stroke of a pen, the Federal Reserve will buy $1.75T in bonds. Where does this $1.75T come from? A technology Fed Chairman Bernanke praised and which is commonly referred to as the printing press (aka, out of thin air).